Financial hardship can be a reality for single mothers, but it doesn’t have to be. Use these first steps to begin to get a financial footing.
1. To survive financially as a single mom, get life insurance, open a bank account, create and budget, find affordable housing or childcare, cut expenses and make more money.
2. Secondly (and this is very important), try to eliminate your debt – whether it be credit card debt, student loan debt or medical bills.
3. Thirdly (and don’t forget this!) work on improving your credit by following these steps:
– report any changes such as address change to the credit bureaus;
– sign up for text alerts from at lease one of the three credit rating agencies: Equifax®, TransUnion® and Experian®;
– use Credit Karma or another free service to monitor your score frequently; and last but not least – follow all their instructions so you can feel confident that you are error free!
#1 Get life insurance – In the event of my death, I want my daughter to be financially supported.
#2 Open a bank account – A bank account will allow me to save and invest my money.
#3 Create a budget – Setting a budget and sticking to it will allow me to plan and save my money.
#4 Secure affordable housing – Affordable housing will be a great place to live and raise my daughter.
#5 Find child care – Child care will allow